Gary Gensler Wrecks Crypto Market Again💥💼📉
Cryptocurrency Exchanges Under Fire 🔥💥
SEC Commissioner Gary Gensler's antics against cryptocurrency exchanges have reached ridiculous levels of overreach once more.
PBN Research
SEC Sues BinanceÂ
https://cryptodaily.co.uk/2023/06/sec-calls-solana-cardano-polygon-securities-in-binance-lawsuit
The lawsuit names an extensive list of cryptocurrencies apart from Cardano (ADA), Polygon (MATIC), and Solana (SOL). The three rank among the largest and most prominent cryptocurrencies in the market. The other cryptocurrencies mentioned include Cosmos Hub (ATOM), Filecoin (FIL), Decentraland (MANA), Algorand (ALGO), The Sandbox (SAND), Coti ( COTI), and Axie Infinity (AXS). The lawsuit has also identified the BUSD and BNB stablecoins as securities, further compounding the seriousness of the situation. Furthermore, the SEC lawsuit also alleges that Binance has listed crypto assets that have previously been the subject of enforcement action by the SEC.
SEC Out for Blood
https://bitcoinist.com/sec-wants-blood-coinbase-sued-1-day-after-binance/
In the document filed in U.S. Federal Court, the Commission claims that Coinbase operates as a broker, exchange, and clearing agency, unlike platforms in the legacy financial sector.
By collapsing these functions into a single platform and failing to register with the SEC as to any of the three functions, and not having qualified for any applicable exemptions from registration, Coinbase has for years defied the regulatory structures and evaded the disclosure requirements that Congress and the SEC have constructed for the protection of the national securities markets and investors.
Wall Street Still Bullish on COIN
"The SEC's suit against Coinbase was well telegraphed and should not have been surprising,"
Despite anticipating legal action against Coinbase, analysts were becoming increasingly bullish on the stock throughout this year. COIN has an average price target on the Street of $69.17 — an increase from $61.72 in January, according to data compiled by The Block Research. Furthermore, 37% of research analysts have a "buy" rating for the stock as of June 5. That's up from 33% in January.Â